The Australian share market rebounded out of the red today, closing 0.3 per cent higher after positive jobs figures. Local stocks shrugged off soft leads and finished at session highs, buoyed by strength in the mining, banking and telco sectors.
Figures
The S&P/ASX 200 index gained 15 points to finish at 4,936.
The value of trades was $4.2 billion on volume of 818 million shares at the close of trade.
The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), National Australia Bank Limited
(ASX:NAB) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 10 points higher.
Economic news
Australia’s unemployment rate defied expectations for a rise and stayed steady at the beginning of this year as the economy added more part time jobs than expected. The Australian Bureau of Statistics reports the official unemployment rate came in at 5.4 per cent in January as Australian employers added 10,400 jobs.
Australia's construction sector remained in contraction at the beginning of this year. The Australian Industry Group and Housing Industry Association's performance of construction index dropped 2.6 points to 36.2 in January, remaining below 50 which indicates contraction.
Business confidence and conditions sank further into negative territory in the last the months of 2012. National Australia Bank Limited’s
(ASX:NAB) business survey shows business confidence hit a level of -5 and business conditions hit a level of -6 in the December quarter.
Company news Telstra Corporation Limited
(ASX:TLS) has improved its first half net profit by 8.8 per cent to $1.6 billion and maintained its 14 cent fully franked interim dividend.
CEO David Thodey says Australia’s largest telecommunications company has witnessed growth in key products and services, driven by the performance of its mobile business. Shares in Telstra Corporation gained 1.31 per cent today, closing at $4.64.
National Australia Bank Limited
(ASX:NAB) has boosted its first quarter cash earnings by 4 per cent in the same period its net profit fell 21 per cent to $1.26 billion.
The bank’s CEO Cameron Clyne says the result was strong and pleasing but cautioned conditions in Australia and the UK remain challenging. Shares in National Australia Bank gained 1.85 per cent today, closing at $28.63.
Shares in Tabcorp Holdings Limited
(ASX:TAH) rose despite the gaming company’s first half net profit falling 61.5 per cent, impacted by structural transition in the Victorian gambling industry.
Webjet Limited
(ASX:WEB) dropped after the online travel agent posted a slight dip in its first half net profit on the back on acquisition costs and described the leisure travel market as generally flat.
Rio Tinto Limited
(ASX:RIO) closed higher after the global miner awarded Leighton Holdings Limited’s
(ASX:LEI) a $186 million contract extension for work on an iron ore port in the Pilbara region of Western Australia.
Whitehaven Coal Limited
(ASX:WHC) closed lower after the Federal Government delayed a decision to grant the coal producer’s Maules Creek project in New South Wales final environmental approval.
Best and worst performers
The best performing sector was telco services adding 19 points to close at 1,587.
The worst performing sector was utilities, losing 44 points to close at 5,353 points.
The best performing stock in the S&PASX 200 was Mesoblast Limited
(ASX:MSB), rising 11.62 per cent to close at $7.49. Shares in Northern Star Resources Limited
(ASX:NST) and Silver Lake Resources Limited
(ASX:SLR) also closed higher.
The worst performing stock was Ten Network Holdings Limited
(ASX:TEN), dropping 6.45 per cent to close at $0.29. Shares in Whitehaven Coal Limited
(ASX:WHC) and Discovery Metals Limited
(ASX:DML) also closed lower.
Commodities
Gold is trading at $US1,679 an ounce.
Light crude is $0.14 higher at $US96.76 a barrel.
The Australian dollar
The Australian dollar is buying $US1.031.
